Magnolia Will Take On Fernando Meirelles’ ‘360’ But Don’t Expect An Awards Season Push

Magnolia Will Take On Fernando Meirelles’ '360' But Don't Expect An Awards Season Push

One of the bigger disappointments of the festival season this fall was Fernando Meirelles‘ “360.” The drama boasts a terrific ensemble including Rachel Weisz, Jude Law, Anthony Hopkins and Ben Foster, in a retelling of the classic Arthur Schnitzler play “Reigen” that chronicles the simple decision by one man to remain faithful to his wife and how it creates a ripple effect on various people worldwide, opening a window into modern relationships. But unfortunately, the promising concept failed to deliver, with the movie premiering at TIFF to mostly lukewarm reviews from audiences and critics alike. It wasn’t immediately picked up in Toronto, but with the film opening the BFI London Film Festival yesterday, a deal is in the works with Magnolia to distribute the movie in the U.S.

While Deadline got the news out there first, producer Andrew Eaton told us about the pending news yesterday, and moreover, shared that the film is unlikely to be getting an awards season push. “We’re just about to close to a deal, I think I can probably tell you, with Magnolia. I’m hoping I get confirmation today that it’s all done,” he said. “It’s pretty close to being signed. I imagine they’ll release it in spring next year, they’ll probably wait for the whole awards thing to run its course.”

It’s hardly surprising. If the film had a bit of critical momentum it would be a different story, but with the general reception being chilly thus far, its chances at Oscar have pretty much entirely faded away. However, Meirelles is forging ahead with his next effort which he told us will be “Onassis” which is gearing up to shoot next fall. So take “360” off your Oscar ballot for now, and look for it in early 2012.